-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P573hbO3+MRZi1vFKQVU6vwdWFpxahgZRAcDTqtWFHRx27Pi/XsmYoXYvE7t7Nj5 3z21wKBfaYKQsuARssfm9A== 0000889331-99-000005.txt : 19990818 0000889331-99-000005.hdr.sgml : 19990818 ACCESSION NUMBER: 0000889331-99-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990703 FILED AS OF DATE: 19990817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LITTELFUSE INC /DE CENTRAL INDEX KEY: 0000889331 STANDARD INDUSTRIAL CLASSIFICATION: SWITCHGEAR & SWITCHBOARD APPARATUS [3613] IRS NUMBER: 363795742 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-20388 FILM NUMBER: 99694689 BUSINESS ADDRESS: STREET 1: 800 E NORTHWEST HWY CITY: DES PLAINES STATE: IL ZIP: 60016 BUSINESS PHONE: 7088241188 MAIL ADDRESS: STREET 1: 800 E. NORTHWEST HWY CITY: DES PLAINES STATE: IL ZIP: 60016 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED July 3, 1999 OR __ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO ______ Commission file number 0-20388 LITTELFUSE, INC. (Exact name of registrant as specified in its charter) Delaware 36-3795742 (State or other jurisdiction (I.R.S. Employer of incorporation or organizatio Identification No.) 800 East Northwest Highway Des Plaines, Illinois 60016 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (847) 824-1188 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes X No As of July 3, 1999, 19,442,723 shares of common stock, $.01 par value, of the Registrant and warrants to purchase 2,474,615 shares of common stock, $.01 par value, of the Registrant were outstanding. TABLE OF CONTENTS PART I - FINANCIAL INFORMATION PAGE Item 1. Financial Statements Consolidated Condensed Statements of Income for the period ended July 3, 1999 and July 4, 1998 (unaudited...........................1 Consolidated Condensed Balance Sheets for the period ended July 3, 1999(unaudited) and January 2, 1999........................2 Consolidated Condensed Statements of Cash Flows for the period ended July 3, 1999 and July 4, 1998 (unaudited)....................3 Notes to the Consolidated Financial Statements.....................4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations .................... 6 PART II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders.............. 11 Item 6. Exhibits and Reports on Form 8-K.................................. 12 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (unaudited) For the Three For the Six Months Ended Months Ended July 3, July 4, July 3, July 4, 1999 1998 1999 1998 Net sales .................................................... $ 72,094 $ 69,116 $ 141,065 $ 138,447 Cost of sales ................................................ 44,041 42,785 87,225 85,524 --------- --------- --------- --------- Gross profit ................................................. 28,053 26,331 53,840 52,923 Selling, general and administrative expenses ................. 12,949 12,807 25,545 26,169 Research and development expenses ............................ 2,499 2,105 4,886 4,276 Amortization of intangibles .................................. 1,743 1,610 3,484 3,498 --------- --------- --------- --------- Operating Income ............................................. 10,862 9,809 19,925 18,980 Interest expense ............................................. 1,353 889 2,695 1,732 Other (income) /expense ...................................... (176) 103 (557) 739 --------- --------- --------- --------- Income before income taxes ................................... 9,685 8,817 17,787 16,509 Income Taxes ................................................. 3,680 3,262 6,759 5,128 Net Income ................................................... $ 6,005 $ 5,555 $ 11,028 $ 11,381 ========= ========= ========= ========= Net income per share ............................. -Basic $ 0.31 $ 0.27 $ 0.56 $ 0.55 ========= ========= ========= ========= -Diluted $ 0.28 $ 0.24 $ 0.51 $ 0.48 ========= ========= ========= ========= Weighted-average shares and Equivalent shares outstanding ................... -Basic 19,461 20,934 19,633 20,560 ========= ========= ========= ========= -Diluted 21,625 23,525 21,777 23,568 ========= ========= ========= =========
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited) July 3, January 2, 1999 1999 ASSETS .................................................................................... Cash and cash equivalents .............................................................. $ 21,838 27,961 Receivables ............................................................................ 50,071 41,382 Inventories ............................................................................ 36,672 36,209 Other current assets ................................................................... 5,558 5,546 -------- -------- Total current assets ................................................................... 114,139 111,098 Property, plant, and equipment, net .................................................... 80,395 77,788 Reorganization value, net .............................................................. 36,079 37,814 Other intangible assets, net ........................................................... 20,416 22,148 Other assets ........................................................................... 1,674 1,696 -------- -------- $252,703 $250,544 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities excl. current portion of long-term debt ............................ 40,333 36,452 Current portion of long-term debt ...................................................... 15,297 15,515 -------- -------- Total current liabilities .............................................................. 55,630 51,967 Long-term debt ......................................................................... 69,689 70,061 Deferred liabilities ................................................................... 3,951 3,951 Other long-term liabilities ............................................................ 33 41 Shareholders' Equity .................................................................. 123,400 124,524 -------- -------- $252,703 $250,544 ======== ========
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (unaudited) For the Three For the Six Months Ended Months Ended July 3, July 4, July 3, July 4, 1999 1998 1999 1998 Operating activities: Net income ......................................................... $ 6,005 $ 5,555 $ 11,028 $ 11,381 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation ................................................. 4,060 3,407 8,328 6,731 Amortization ................................................. 1,742 1,610 3,484 3,498 Changes in operating assets and liabilities: Accounts receivable .......................................... (3,232) (1,372) (9,641) (6,761) Inventories .................................................. (408) 341 (1,090) 1,358 Accounts payable and accrued expenses ........................ 2,852 212 4,250 880 Other, net ................................................... 602 746 (234) 352 ---------- --------- -------- --------- Net cash provided by operating activities .......................... $ 11,621 $ 10,499 $ 16,125 $ 17,439 Cash used in investing activities: Purchases of property, plant, and equipment, net ................. (6,428) (4,340) (11,431) (10,053) -------- -------- -------- --------- (6,428) (4,340) (11,431) (10,053) Cash provided by (used in) financing activities: Borrowings/ (Payments) of long-term debt, net .................... (355) 4,773 (476) (166) Proceeds from exercise of stock options and warrants ............. 46 827 114 5,532 Purchase of common stock and warrants ............................ (643) (7,334) (10,476) (8,973) --------- --------- --------- --------- Net cash used in financing activities .............................. (952) (1,734) (10,838) (3,607) Effect of exchange rate changes on cash ............................ 151 (185) 21 (251) -------- --------- -------- -------- Increase/ (decrease) in cash and cash equivalents .................. 4,392 4,240 (6,123) 3,528 Cash and cash equivalents at beginning of period ............................................ 17,446 43 27,961 755 -------- -------- -------- -------- Cash and cash equivalents at end of period ......................... $ 21,838 $ 4,283 $ 21,838 $ 4,283 ======== ======== ======== ========
Notes to Consolidated Condensed Financial Statements (Unaudited) July 3, 1999 1. Basis of Presentation Littelfuse, Inc. and its subsidiaries ("Littelfuse" or the "Company") are the successors in interest to the components business previously conducted by subsidiaries of Tracor Holdings, Inc. ("Predecessor"). The Company acquired its business as a result of the Predecessor's reorganization activities concluded on December 27, 1991. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the period ended July 3, 1999, are not necessarily indicative of the results that may be expected for the year ending January 1, 2000. For further information, refer to the Company's consolidated financial statements and the notes thereto incorporated by reference in the Company's Annual Report on Form 10-K for the year ended January 2, 1999. 2. Inventories The components of inventories are as follows (in thousands): July 3, January 2, 1999 1999 Raw material $ 9,053 $ 9,800 Work in process 8,316 5,338 Finished goods 19,301 21,071 -------- ------- Total $ 36,672 $ 36,209 ======== ========
3. Per Share Data Net income per share amounts for the three months and six months ended July 3, 1999, and July 4, 1998, are based on the weighted average number of common and common equivalent shares outstanding during the periods as follows (in thousands, except per share data): Three months ended Six months ended July 3, July 4, July 3, July 4, 1999 1998 1999 1998 ----- ----- ---- ---- Average shares outstanding 19,461 20,934 19,633 20,560 Net effect of dilutive stock options, warrants and restricted shares - Basic - - - - -------- -------- ------- ------ - Diluted 2,164 2,591 2,144 3,008 ------- ------- ------- ------ Average shares outstanding - Basic 19,461 20,934 19,633 20,560 ====== ====== ====== ====== - Diluted 21,625 23,525 21,777 23,568 ====== ====== ====== ====== Net income $ 6,005 $ 5,555 11,028 11,381 ======= ======= ====== ====== Net income per share - Basic $ 0.31 $ 0.27 $ 0.56 $ 0.55 ======== ======== ======== ======= - Diluted $ 0.28 $ 0.24 $ 0.51 $ 0.48 ======== ======== ======== =======
4. Comprehensive Income In accordance with Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income," total comprehensive income for the three months ended July 3, 1999, and July 4, 1998, was approximately $5.6 million and $5.5 million, respectively, and the six months ended July 3, 1999, and July 4, 1998 was $9.2 and $11.6 million, respectively. The adjustment for comprehensive income is related to the Company's foreign currency translation. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Sales increased 4 % to $72.1 million in the second quarter this year compared to $69.1 million in the second quarter of 1998. Gross margin was 38.9% this year compared to 38.1 % in the same period of the prior year. Operating income increased to 15.1 % of sales in the second quarter of 1999 compared to 14.2% in the prior year. Net income increased 8 % to $6.0 million in the second quarter this year compared to $5.6 million in the second quarter of last year and diluted earnings per share increased 18% to $0.28 in the second quarter this year compared to $0.24 per diluted share in the same quarter last year. Second quarter 1999 sales increased $3.0 million compared to the same quarter in the prior year. Sales in the Americas increased 2% over the second quarter of 1998 due in part to increased power fuse sales. Europe second quarter 1999 sales declined 4% in dollars, as compared to the same quarter in the prior year due to softness in the electronic market. However, Europe sales were flat in constant currency terms. Increased Korean and Southeast Asian electronics sales contributed to a 17% sales increase in the Asia-Pacific region. In constant currency terms, sales increased 13 % in the Asia-Pacific region. Electronic sales grew to $35.2 million in the second quarter of 1999 from $34.1 million in the same quarter of last year for an increase of $1.1 million or 3%. Strong Korean and Southeast Asian electronics sales were partially offset by lower domestic electronic demand. Automotive sales grew to $25.2 million in the second quarter 1999 from $24.8 million in the same quarter last year for an increase of $0.4 million or 2%. Automotive sales increases were led by increased Asia-Pacific demand and were partially offset by lower European automotive sales in the quarter. Power fuse sales rose to $11.7 million in the second quarter 1999 from $10.2 million in the same quarter last year for an increase of $1.5 million or 14 % reflecting catch up after a slow first quarter enhanced by an end-of-quarter promotion. Gross profit was $28.1 million or 38.9% of sales for the second quarter of 1999, compared to $26.3 million or 38.1 % in the same quarter last year, as lower average selling prices were more than offset by the continuing effects of worldwide cost reduction programs and an increase in volume. Operating expenses were $15.4 million or 21.4 % of sales for the second quarter 1999, compared to $14.9 million or 21.6 % of sales for the same quarter in the prior year. The amortization of the reorganization value and other intangibles was 2.4 % of sales for the second quarter of 1999, compared to 2.3 % of sales in the second quarter of 1998. Total operating expenses, including intangible amortization, were 23.9 % of sales in the second quarter of both years. Operating income was $10.9 million or 15.1 % of sales for the second quarter 1999 compared to $9.8 million or 14.2 % of sales for the same quarter of last year. Interest expense was $1.4 million in the second quarter of this year compared to $0.9 million in the second quarter last year due to higher average debt levels during the quarter. Other income was $0.2 million for the second quarter of 1999 compared to $0.1 million of other expense in the second quarter of the prior year. Income before income taxes was $9.7 million for the second quarter 1999 compared to $8.8 million for the second quarter of 1998. Income taxes were $3.7 million with an effective tax rate of 38% for the second quarter 1999 compared to $3.3 million with an effective tax rate of 37 % in the second quarter of last year. Net income for the second quarter 1999 was $6.0 million or $0.28 per diluted share compared to $5.6 million or $0.24 per diluted share for the same quarter of last year. The Company's share repurchase program contributed to the increase in diluted earnings per share by decreasing the diluted average shares outstanding during the last year. Liquidity and Capital Resources Assuming no material adverse changes in market conditions or interest rates, management expects that the Company will have sufficient cash from operations to support both its operations and its current debt obligations for the foreseeable future. Littelfuse started the 1999 year with $27.9 million of cash. Net cash provided by operations was $16.1 million for the first half 1999. Cash used to invest in property, plant and equipment was $11.4 million. Cash used to repay long-term debt and to repurchase stock was $10.9 million. In addition, proceeds from warrant and stock option exercises were $0.1 million, resulting in net financing activities use of cash of $10.8 million. The net of cash provided, less investing and financing activities, resulted in a decrease in cash of $6.1 million. This left the Company with a cash balance of approximately $21.8 million at July 3, 1999. The ratio of current assets to current liabilities was 2.1 to 1 at the end of the second quarter 1999 compared to 2.1 to 1 at year end 1998 and 1.8 to 1 at the end of the second quarter 1998. The days sales in receivables was approximately 69 days at the end of the second quarter 1999 compared to 62 days at year end 1998 and 55 days at second quarter end 1998. Contributing to an increase in days sales in receivables in the second quarter was an increase in Asia sales, with longer average terms, and some domestic promotional terms granted in the second quarter of 1999. Management does not believer that there are any significant collections problems at this time. The days inventory outstanding was approximately 75 days at second quarter end 1999 compared to 81 days at year end 1998 and second quarter end 1998. The Company's capital expenditures were $6.4 million for the second quarter 1999. The Company expects that capital expenditures, which will be primarily for new machinery, equipment and information systems, will be approximately $20-22 million in 1999. The long-term debt at the end of the second quarter 1999 consisted of four types totaling $85.0 million. They are as follows: (1) private placement notes totaling $78.0 million, (2) foreign revolver borrowings totaling $4.2 million, (3) notes payable relating to mortgages totaling $0.5 million, and (4) other long-term debt, including capital leases, totaling $2.3 million. These four items include $15.3 million of private placement notes, tax notes and mortgage notes, which are considered to be current. This leaves net long-term debt totaling $69.7 million at July 3, 1999. The private placement notes carry interest rates of 6.31% and 6.16%. The Company has in place a $55.0 million revolving credit facility, none of which was drawn on July 3, 1999. The Company also has a $8.0 million letter of credit facility, of which approximately $1.9 million was being used at July 3, 1999. Year 2000 The Company utilizes software, hardware and related computer technologies essential to its operations. To the extent that these systems use two digits rather than four to specify the applicable year, this could result in a date recognition problem with the transition to the year 2000. The Company presently believes that modification and replacement of certain software and hardware has mitigated date recognition problems associated with the year 2000. To date, the Company has fully completed its assessment of all mission-critical systems. In addition, the Company has gathered information about the year 2000 compliance status of its significant customers, suppliers and subcontractors and continues to monitor their compliance. As of July 3, 1999, the Company had completed all remediation and testing of mission critical systems for its information technology, operating equipment systems and external interface exposures. The Company has queried its significant suppliers and subcontractors, none of which share information systems with the Company ("external agents"). To date, the Company is not aware of any external agent with a year 2000 issue that would materially impact the Company's results of operations, liquidity or capital resources. However, the Company has no means of ensuring that external agents will be year 2000 ready. The inability of external agents to complete their year 2000 resolution process in a timely fashion could materially impact the Company. The Company utilized both internal and external resources to reprogram or replace, test, and implement the software, operating equipment and external interfaces for year 2000 modifications. The total cost of projects that relate to year 2000 compliance is estimated at $11.0 million and is being funded through operating cash flows. Through July 3, 1999, the Company has incurred costs totaling approximately $9.6 million, $0.9 of which has been expensed and $8.7 of which has been capitalized, related to all phases of the year 2000 project. The Company believes that the foregoing statements are in conformity with the Year 2000 Information and Readiness Disclosure Act (Public Law 105-271, 112 Stat. 2386), and all of the foregoing statements are designated as Year 2000 Readiness Disclosures thereunder. The protection of this act does not apply to federal securities fraud. Business Segment Information The Company designs, manufactures, and sells circuit protection devices throughout the world. The Company has three reportable geographic segments: The Americas, Europe and Asia-Pacific. The circuit protection market in these geographical segments is categorized into three major product areas: electronic, automotive and power fuses. The Company evaluates the performance of each geographic segment based on its net income or loss. The Company also accounts for intersegment sales as if the sales were to third parties. The Company's reportable segments are the business units where the revenue is earned and expenses are incurred. The Company has subsidiaries in The Americas, Europe and Asia-Pacific where each region is measured based on its sales and operating income or loss. Information concerning the operations in these geographic segments for the periods ended July 3, 1999 and July 4, 1998, is as follows (in thousands): Three Months Three Months Six Months Six Months Ended Ended Ended Ended Revenues July 3, 1999 July 4, 1998 July 3, 1999 July 4, 1998 - -------- ------------ ------------ ------------ ------------ The Americas $43,199 $42,321 $82,012 $85,334 Europe 11,249 11,729 25,074 23,248 Asia-Pacific 17,646 15,066 33,978 29,864 ------ ------ ------ ------ Combined Total 72,094 69,116 141,065 138,447 Corporate 0 0 0 0 Reconciliation 0 0 0 0 - - - - Consolidated Total 72,094 69,116 141,065 138,447 ====== ====== ======= ======= Intersegment Revenues The Americas $7,146 $7,637 $15,231 $15,111 Europe 2,717 2,398 5,373 5,679 Asia-Pacific 869 35 1,642 86 --- -- ----- -- Combined Total 10,732 10,070 22,246 20,876 Corporate 0 0 0 0 Reconciliation -10,732 -10,070 -22,246 -20,876 ------- ------- ------- ------- Consolidated Total 0 0 0 0 = = = = Interest Expense The Americas $1,296 $849 $2,577 $1,661 Europe 3 3 3 7 Asia-Pacific 54 37 115 64 -- -- --- -- Combined Total 1,353 889 2,695 1,732 Corporate 0 0 0 0 Reconciliation 0 0 0 0 - - - - Consolidated Total 1,353 889 2,695 1,732 ===== === ===== ===== Depreciation and Amortization The Americas $2,365 $1,888 $4,892 $3,691 Europe 331 325 661 610 Asia-Pacific 852 596 1,751 1,512 --- --- ----- ----- Combined Total 3,548 2,809 7,304 5,813 Corporate 2,254 2,208 4,508 4,416 Reconciliation 0 0 0 0 - - - - Consolidated Total 5,802 5,017 11,812 10,229 ===== ===== ====== ====== Other income (loss) The Americas $247 $50 $538 $-26 Europe 26 22 137 67 Asia-Pacific -98 -175 -118 -780 --- ---- ---- ---- Combined Total 175 -103 557 -739 Corporate 0 0 0 0 Reconciliation 0 0 0 0 - - - - Consolidated Total 175 -103 557 -739 === ==== === ==== Income Tax Expense The Americas $2,019 $1,893 $2,910 $2,491 Europe 947 1,100 2,266 2,077 Asia-Pacific 714 269 1,583 560 --- --- ----- --- Combined Total 3,680 3,262 6,759 5,128 Corporate 0 0 0 0 Reconciliation 0 0 0 0 - - - - Consolidated Total 3,680 3,262 6,759 5,128 ===== ===== ===== ===== Net Income The Americas $5,291 $5,102 $9,251 $11,115 Europe 1,631 1,957 3,993 4,108 Asia-Pacific 1,337 703 2,292 573 ----- --- ----- --- Combined Total 8,259 7,762 15,536 15,796 Corporate -2,254 -2,208 -4,508 -4,416 Reconciliation 0 0 0 0 - - - - Consolidated Total 6,005 5,554 11,028 11,380 ===== ===== ====== ====== Revenues Electronic $35,173 $34,078 $68,371 $68,683 Automotive 25,244 24,837 51,531 50,057 Power 11,677 10,201 21,163 19,707 Consolidated Total 72,094 69,116 141,065 138,447
Revenues from no single customer of the Company amount to 10% or more for the quarter ended July 3, 1999. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. The preceding commentary presents management's discussion and analysis of the Company's financial condition and results of operations for the periods presented. Certain of the statements included above, including those regarding future financial performance or results or those that are not historical facts, are or contain "forward-looking" information as that term is defined in the Securities Exchange Act of 1934, as amended. The words "expect," "believe," "anticipate," "project," "estimate," and similar expressions are intended to identify forward-looking statements. The Company cautions readers that any such statements are not guarantees of future performance or events and such statements involve risks, uncertainties and assumption, including, but not limited to, product demand and market acceptance risks, the effect of economic conditions, the impact of competitive products and pricing, product development and patent protection, commercialization and technological difficulties, capacity and supply constraints or difficulties, actual purchases under agreements, the effect of the Company's accounting policies, and other factors discussed above and in the Company's Annual Report on Form 10-K for the year ended January 2, 1999. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This Quarterly Report on Form 10Q should be read in conjunction with information provided in the financial statements appearing in the Company's Annual Report on Form 10-K for the year ended January 2, 1999. PART II - OTHER INFORMATION Item 4: Submission of Matters to a Vote of Security Holders The annual meeting of stockholders of Littelfuse, Inc. was held on April 30, 1999. The following matters were voted upon at this annual meeting and the results of such votes are provided below: 1. Election of six nominees to the Board of Directors to serve terms of one year or until their successors are elected: (i) Howard B. Witt Withhold Broker For 18,181,890 Authority 150,397 Abstentions ___ Nonvotes ___ ----------- ------- (ii) John Driscoll Withhold Broker For 18,181,532 Authority 150,755 Abstentions ___ Nonvotes ___ ---------- ------- (iii) Anthony Grillo Withhold Broker For 18,182,432 Authority 149,855 Abstentions ___ Nonvotes ___ ---------- ------- (iv) Bruce A. Karsh Withhold Broker For 18,179,932 Authority 152,355 Abstentions ___ Nonvotes ___ ---------- ------- (v) John E. Major Withhold Broker For 18,182,756 Authority 149,531 Abstentions ___ Nonvotes ___ ---------- ------- (vi) John J. Nevin Withhold Broker For 18,158,936 Authority 173,351 Abstentions ___ Nonvotes ___ ----------- -------
2. Approval and ratification of the Directors' appointment of Ernst & Young LLP as the Company's independent auditors for the year ending January 1, 2000 Broker For 18,268,216 Against 32,218 Abstentions 31,853 Nonvotes ___ ---------- ------ ------- 3. Approval of an amendment to the 1993 Stock Plan for employees and directors of Littelfuse, Inc. which provides that no individual will receive in any calendar year awards of options, restricted shares, units or rights for more than 100,000 shares of Common Stock of the Company Broker For 17,807,358 Against 479,535 Abstentions 45,394 Nonvotes ___ ---------- ------- ------
Item 6: Exhibits and Reports on Form 8-K (a) Exhibit Description Exhibit No. 27 Financial Data Schedule (b) There were no reports on Form 8-K during the quarter ended July 3, 1999. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report on Form 10-Q for the quarter ended July 3, 1999, to be signed on its behalf by the undersigned thereunto duly authorized. Littelfuse, Inc. Date: August 17, 1999 By /s/ Philip G. Franklin -------------------------------- Philip G. Franklin Vice President, Treasurer, and Chief Financial Officer (As duly authorized officer and as the principal financial and accounting officer)
EX-27 2 FDS --
5 0000889331 Littelfuse, Inc 1000 us dollar 6-mos JAN-1-2000 Jan-4-1999 JUL-3-1999 1 21,838 0 50,071 0 36,672 114,139 80,395 8,328 252,703 55,630 0 0 0 194 0 252,703 141,065 141,065 87,225 87,225 0 0 2,695 17,787 6,759 0 0 0 0 19,633 0.56 0.51
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